Cleveland firm completes purchase of Charlotte-based Capital Advisors

Cleveland-based Bellwether Enterprise has completed its acquisition of Charlotte-based Capital Advisors, a privately held mortgage banking firm.

Capital’s name has been changed to Bellwether, though all 31 Capital employees are keeping their jobs in Charlotte, Bellwether said in a statement Wednesday.

The principals at Capital Advisors received an equity stake in the newly combined Bellwether Enterprise.

“Day-to-day operations, from application to closing, will remain entirely the same,” Cooper Willis, president of Capital Advisors, said in a statement.

The two firms had announced the deal in early June.

The acquisition adds more than $1 billion in annual loan volume and $1.75 billion in servicing to Bellwether Enterprise, the mortgage banking subsidiary of Enterprise Community Investment. The deal will bring the firm’s total annual loan volume to more than $4.5 billion and its servicing portfolio to $10.2 billion, according to Bellwether.

Capital Advisors has operated 1994 and has offices in Atlanta, Columbia, Greenville, Memphis, Tenn., Birmingham, Ala., Raleigh and Greensboro.

This story was originally published July 1, 2015 at 2:14 PM with the headline "Cleveland firm completes purchase of Charlotte-based Capital Advisors."